OneCommunity Invests $50 Million in Everstream

CLEVELAND, OH — OneCommunity, which champions broadband infrastructure in Ohio, announced that M/C Partners, a private-equity firm focused exclusively on the communications, media, and information technology sectors, has agreed to make a $50 million investment in Everstream, OneCommunity's heretofore for-profit subsidiary.

For more than a decade, OneCommunity has been the catalyst for the creation of an ultra-high speed, open and neutral fiber network in Northeast Ohio, which now spans 24 counties and 2,500 miles, and provides reliable, high-speed broadband Internet to hospitals, academic institutions and businesses. As has been proven across the country, a digital infrastructure like OneCommunity’s is a critical asset for advancing the region’s future.

Leveraging the Network Asset to Grow a Digital Economy
According to a statement on OneCommunity's website, "Operating an all-fiber network is a capital-intensive business and our non-profit is neither chartered nor in a position to access the capital markets to really help the business grow. In the two years since Lev assumed the CEO role at OneCommunity, Brett, our board, and the management team has established a goal to find a partner that can ensure that the asset we created over the past decade is sustainable and scalable. Equally as important, the investment allows OneCommunity to leverage the network asset to grow a digital economy and improve the quality of life in Northeast Ohio. We have met with many stakeholders to help shape OneCommunity’s strategies moving forward. The resulting investment positions Everstream to move ahead as a key player in the competitive marketplace for fiber network services while providing resources to both drive and nurture Northeast Ohio’s digital economy."